ZestyAI, an artificial intelligence (AI)-driven climate and property risk analytics solutions provider, has been selected by Florida Peninsula Insurance to offer precision risk assessment.
Under the terms of the agreement, Florida Peninsula Insurance will utilise ZestyAI’s advanced property analytics solutions for a deeper understanding of property-level risk in homeowners book in Florida, US.
Through the partnership, Florida Peninsula Insurance will leverage ZestyAI’s Z-PROPERTY Location Insights solution for more than 150 million residential and commercial properties.
The solution deploys advanced computer vision and machine learning to gain valuable insights from various data sources, including tax assessments, building permits, aerial and satellite imagery, and infrastructure data and other unique data sources.
Florida Peninsula Insurance chief risk officer Gard Olbers said: “Taking a data-driven, highly analytical approach has always been a cornerstone to the way we do business at Florida Peninsula.
“With ZestyAI, we found a like-minded, agile and highly innovative partner that provides us with more data insights than ever before. This partnership will provide a positive customer experience for all the Floridians we serve.”
ZestyAI’s insights are said to be highly accurate, matching, and even improving the results of physical inspections.
Florida Peninsula Insurance intends to improve underwriting accuracy further by implementing ZestyAI’s insights for better customer experience.
ZestyAI’s Z-PROPERTY Location Insights will also be utilised for a comprehensive assessment of roof quality.
According to ZestyAI, its Location Insights discovers high-risk features, including swimming pools, trampolines, roof quality, lot debris, and overhanging vegetation to provide accurate underwriting as well as customer and reinsurer transparency.
ZestyAI founder and CEO Attila Toth said: “We have been impressed by the steady growth of Florida Peninsula Insurance in the complex Florida insurance market over the past five years.
“Our commitment is to deliver at least ten times return on investment from this partnership through enhanced underwriting, operational efficiency, and customer and agent satisfaction.”